Local organization steps up to be part of the rebirth of Pontiac

Pontiac is open for business. With a renewed spirit, the City of Pontiac is on the cusp of rebuilding. To support local small businesses and address a main concern – lack of financing, The Center for Empowerment and Economic Development-CEED has stepped up to provide loans to small businesses located in Pontiac.

According to the U.S. Small Business Administration’s Office of Advocacy, the major constraint limiting the growth, expansion, and wealth creation of small firms – especially women- and minority-owned businesses is inadequate access to capital.

CEED has made a commitment to provide $500,000 in loans available for the next 5 years at a fixed interest rate of 5%. Loans up to $50,000 can be used for machinery, equipment, inventory and some working capital.

“It is vital that the City of Pontiac create opportunities for our small businesses to gain access to capital” says Mayor Deirdre Waterman. “We look forward to working with CEED to support as many Pontiac small businesses as possible.”

CEED is no stranger to being a loan provider. As a pioneer in the industry, they were one of the first microlenders in the country in 1984 and have provided more than $5.5 Million in loans creating over 1,800 jobs. The organization has a stellar history of working with neighborhood business districts. By partnering with local municipalities, CEED is able to connect their resources with businesses in need.

“A loan from us comes with more than money. Part of the loan relationship is technical assistance which can range from help with bidding on federal contracts to using social media as part of your marketing strategy” says Michelle Richards, CEED executive director.

“Alternative solutions paired with, or without, traditional banking options are key to our City’s business growth right now” says Glen Konopaskie, Executive Director of the Pontiac Downtown Business Association. “I look forward to integrating this program into our new Business Attraction Program that we will be rolling out soon for Downtown.”

Learn more about how you may qualify for up to $50,000
Monthly Small Business loan orientations are scheduled in Waterford at the Oakland County One Stop Shop Business Center (2100 Pontiac Lake Road, Building 41W, Waterford, MI 48328). Attendance is free; registration is available through the Advantage Oakland or CEED website – www.miceed.org.

About CEED – www.miceed.org
The Center for Empowerment and Economic Development is a Michigan-based nonprofit organization which advances business owners by certifying 1,000 women business owners as a regional partner for the Women’s Business Enterprise National Council, training 15,000 business owners and lending more than $5.5 million resulting in the creation of more than 1,800 jobs and over $11.6 billion in revenue generated.